Allianz Global Investors (AllianzGI) has published its annual analysis of how it voted at AGMs around the globe, with figures from 2021, covering nearly 110,000 shareholder and management proposals, revealing a continued and stark disparity in corporate governance standards across the world.

AllianzGI adopts a globally consistent approach to stewardship and has a track record of voting against proposals that do not meet its expectations of investee companies as well as fulfilling its duty to act in the interests of clients by considering each proposal on merit.

Over the course of 2021, AllianzGI participated in 10,190 (2020: 10,183) shareholder meetings and voted against, withheld or abstained from at least one agenda item at 68 percent (2020: 72 percent) of all meetings globally. It opposed 21 percent (2020: 23 percent) of all resolutions globally.

AllianzGI has made amendments to its voting policy in 2022, including strengthening its global corporate governance guidelines with regards to sustainability related issues. It expects European large-caps to include ESG KPIs in executive remuneration policies and will vote against pay policies in 2023 if this is not included

The firm has also strengthened its voting rules with respect to ethnic diversity in the UK and US, making it clear that it expects companies in these countries to come up with a diversity approach beyond gender.

Matt Christensen. global head of sustainable and impact investing at Allianz Global Investors, said: “As an active investor, exercising our voting rights is one of the most powerful tools we have to effect change. In keeping with our desire to shape a more sustainable future with measurable positive outcomes, we want to ensure that our investee companies align their executive remuneration policies with ESG KPIs and we will vote against those that don’t. “